| for florida homebuyers mortgage pledge;" that is, it was absolute in form, and unlike a "live gage", was not conditionally dependent on its repayment solely from raising and selling crops or livestock, or of simply giving the fruits of crops and livestock coming from the land that was mortgaged. The mortgage debt remained in effect whether or not the land could successfully produce enough income to repay the debt. In theory, a mortgage required no further steps to be taken by the creditor, such as acceptance of crops and livestock, for repayment. In many U.S. states, however, a mortgage has been florida homebuyers mortgage by statute to a device for creating a security interest in land. When the landowner fails to perform on the obligation secured florida homebuyers mortgage the mortgage, the mortgage holder may file a foreclosure to cause the property to be sold at auction, usually by the sheriff. "You`re looking at 15-to-30 years payment on |
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